Safestyle UK H2 2020 revenue up 15% year on year

Safestyle UK plc (LON:SFE), the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, has issued a trading and operations update in advance of its preliminary results announcement for the year ended 31 December 2020 on 25 March 2021.

Trading Performance

Following the Trading Update issued on 17 December 2020, the Group confirms that it expects FY 2020 revenue to be over £113m, with H2 2020 revenue up 15% year on year.  The underlying loss before taxation for the full year is expected to be approximately £(4.7)m, the loss being fully attributable to the cessation of operations during the first national lockdown in H1.  The Group returned to profit for H2 in line with expectations.  Finally, the closing net cash position is expected to be approximately £7.6m at year-end.

Operations Update

In early January, in response to the current national lockdown and in conjunction with guidance provided by the industry body, the Glass and Glazing Federation (the ‘GGF’), the Group temporarily ceased in-home selling and door canvass operations.  After close consultation with Government, the GGF further updated its guidance at the end of January and as a result, the Group has restarted in-home selling in February.  Given the context of the lockdown, Door Canvass operations remain temporarily halted.

The Group maintained remote sales appointments through January, leveraging the investment in technology and training made through 2020.  Going into the new year, management actions and investment had resulted in an order book that was over 80% higher than 2019’s closing position.  Whilst the Group continues to make use of the healthy order book built during H2 2020, the interruption of in-home sales at the start of the new financial year has had some impact on further order intake momentum.  But critically, using strict and effective COVID-safe policies, the Group has been able to maintain healthy revenue levels thus far in 2021 as its manufacturing and installation operations continue.

Outlook

The restart of in-home selling in February presents an opportunity for the Group to regain the strong order intake momentum established in H2 2020.  The business is optimistic that Door Canvass operations will be allowed to restart during Q2 2021 as the UK moves out of the current lockdown.

Given the Group’s strong order book and installation pipeline, the Board expects to make good progress in 2021.

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    Safestyle UK Plc

    More articles like this

    Fintel plc

    Fintel core revenue growth is higher than Zeus forecast

    Fintel plc (LON:FNTL), the leading provider of Fintech and support services to the UK retail financial services sector, has released a trading update for the six months to 30 June 2022, which reveals: Core revenue grew c.9% to

    Shoe Zone plc

    Shoe Zone analyst Zeus upgrades FY22 adjusted PBT forecast

    Shoe Zone plc (LON:SHOE) Better than expected demand and further strong margin performance leads to an upgrade in FY22E adjusted PBT from “no less than £8.5m” to “no less than £9.5m”. Zeus revenue forecasts increase by £1.5m (1.0%)

    OnTheMarket Plc

    OnTheMarket analyst Zeus confident in forecasts

    Foxtons, one of London’s leading estate agencies with more than 50 interconnected branches across London, has signed an agreement to advertise its UK residential sales and letting properties at OnTheMarket plc (LON:OTMP). Zeus view: Foxtons, the well-known London

    SpaceandPeople analyst Zeus restores estimates and valuation

    SpaceandPeople plc (LON:SAL) secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a positive pre-close

    Lookers Plc

    Lookers shares are still undervalued says Zeus

    Lookers plc (LON:LOOK) has released an H1 trading update reporting a continuation of strong performance year to date. H1 2022 underlying PBT is expected to be c. £45m and Management anticipate full year PBT will also be ahead

    SysGroup plc

    SysGroup analyst Zeus forecast a 39.0% increase in revenue in FY23

    SysGroup plc (LON:SYS) is an award-winning provider of managed IT services, cyber security, cloud hosting and IT consultancy. The Group offers investors an attractive business model with high recurring revenue and a diversified customer base. SysGroup is competitively

    AFC Energy

    AFC Energy’s long term opportunity remains vast says Zeus

    AFC Energy plc (LON:AFC) has signed an agreement with another leading UK construction/infrastructure player, this time in Kier Group. We believe this further endorses our long term thesis that AFC will play an active role in encouraging the

    Inchcape

    Inchcape performance exceeding expectations says Zeus

    Inchcape plc (LON:INCH) has released another positive trading update, with performance exceeding expectations so far this year. This follows on from a positive Q1 update on 28 April. Through quarterly improvement in Distribution volumes and operating margin, the

    boohoo Plc

    Boohoo Group analyst Zeus sees a strong performance in Q1

    ¨ Q1 financial highlights: Boohoo Group plc (LON:BOO) revenue of £445.7m is -8.3% YOY vs. a strong comp (Q1 FY22 revenue +32.1%), in line with Zeus’s forecast and management’s previously stated guidance. Gross sales growth remained positive +9%

    No more posts to show